Have we missed anybody? Probably…. Yes, technology is watching you, but is that a good or a bad thing?
In the case of Predictmedix Inc. (CSE: PMED) (OTCQB: PMEDF), that’s the point and yes it is a good thing. As some of you know, the company “develops disruptive AI technologies for health and safety in workplaces and healthcare”. Translated – remote sensing and artificial intelligence (AI) solutions to protect our health.
The value of this technology should not be underestimated, necessity is the mother of invention. It’s a coronavirus world now and the virus (like the flu, like a cold etc.) isn’t going away anytime soon. The arrival of the virus and the global pandemic that followed means that there is now a serious focus on detection of early indicators of infected people. Detection will help stem the spread of the coronavirus and others.
Predictmedix is one of those companies which has an infectious disease screening solution. However, unlike the competitors, the company’s Safe Entry Station is head and shoulders above the competition. The fact that the company has Kapil Raval as its Advisory Board Chair should tell the market something – he is the Director of AI, Business Development, for Microsoft.
“Having a long-term sustainable product for better workplace health and safety” is how Dr. Rahul Kushwah, company COO described their vision. Their screening solutions are powered by AI and are designed to analyze seven different symptoms associated with the coronavirus, providing results in seconds. The system utilizes multispectral imaging with a focus on visual spectral imaging along with infrared thermography to identify individuals exhibiting symptoms associated with infectious diseases. The coronavirus detection system is commercial and is being deployed now.
The AI monitors and identifies potential presence of infectious disease symptoms such as fatigue, headache, coughing, sneezing, blood flow, sweat gland activation, metabolism, fever along with other key determinant factors. Sick or not sick.
The AI algorithms in their system are also continuously evolving via machine learning and should be able to detect, assess and determine the probability of that person being infected or not infected, even as the virus mutates. Sick or not sick.
So significant is this technology that the company already has partnerships in Canada, the US and India for system installation. A very significant customer is Indian Oil Corporation (IOC), where deployment is at the logistics stage – IOC has a workforce of more than 33,000 employees. There are several other deployments in the planning stage yet to be announced.
With a physical detection system, in addition to assessing virus conditions, the company can also utilize the AI for the detection of alcohol, cannabis and opioid intoxication. The company has a first-to-market cannabis AI detection system which is being expanded to analyze for other intoxicants. The system uses multispectral recognition technologies that capture data analyzed by the proprietary AI. This is especially important in environments where impairment could be considered a safety risk.
Lastly, a third use for AI detection technology relates to the detection of psychiatric and/or brain disorders such as depression, dementia and Alzheimer’s disease, all of which may benefit the individual when detected early. With an aging population, this could be a massive market and for anyone with loved ones who suffer from any of these disorders, you know the importance of early detection.
In keeping with the company’s screening focus, in 2020 Predictmedix acquired Mobile Wellbeing, a telemedicine remote patient monitoring platform that will integrate with Predictmedix’s AI driven rapid screening system for infectious diseases. According to the company, Mobile Wellbeing has demonstrated its value in multiple different programs over several years, and has shown benefits such as improved patient health, minimized the impact of chronic disease, and driven down the cost for care through remote monitoring.
With an inherent demand for quick, effective and non-invasive detection technologies, Predictmedix is in a very desirable market with an industry leading product. While the company share price has fallen dramatically from the July 2020 high of $1.13, watch for significant business progress and announcements that could reverse this share price trajectory. The Safe Entry System (and others like it) are soon going to become as common as automatic door openers and could be deployed anywhere there is a large movement of people. The market potential is huge – don’t miss it!